CDS Crypto News Bakkt Reports $780 Million Revenue in 2023 Amid $226 Million Net Loss; Forecasts 555% Revenue Growth for 2024 Despite NYSE Delisting Warning
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Bakkt Reports $780 Million Revenue in 2023 Amid $226 Million Net Loss; Forecasts 555% Revenue Growth for 2024 Despite NYSE Delisting Warning

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Bakkt Reports $780 Million Revenue In 2023 Amid $226 Million Net Loss; Forecasts 555% Revenue Growth For 2024 Despite Nyse Delisting Warning 172784

Bakkt Reports $780 Million Revenue in 2023 Amid $226 Million Net Loss; Forecasts 555% Revenue Growth for 2024 Despite NYSE Delisting Warning

Kripto Haberleri – Bakkt, the cryptocurrency custody and trading platform listed on the New York Stock Exchange (NYSE), disclosed its financial performance for 2023, showcasing a mixed bag of results. Despite registering a robust total revenue of $780 million, the company faced a substantial net loss of $226 million over the year. However, this marked a notable 89% reduction in net losses compared to the preceding year.

The surge in revenue for 2023, a significant leap from the $56 million reported in 2022, was primarily attributed to the inclusion of gross crypto services revenue generated by Bakkt Crypto, formerly known as Apex Crypto, which the company acquired in April. This expansion, however, came with heightened operating expenses amounting to $1,008 million. These expenses were attributed to increased costs associated with crypto operations, execution, and clearing and brokerage fees stemming from the acquisition.

Despite the revenue surge, Bakkt observed a 49% year-on-year decrease in notional traded volume. This decline was attributed to reduced industry-wide trading volume and decreased user activity on Webull Pay, its partnered payment application.

Looking ahead, Bakkt expressed ambitious forecasts for 2024, projecting a potential revenue surge to as high as $5,114 million, marking a staggering 555% year-over-year growth. However, this growth trajectory is anticipated to be mirrored by a corresponding increase in crypto costs, estimated to range between $3,220 million to $5,027 million for the full year.

In response to these financial developments, Bakkt’s newly appointed CEO, Andy Main, outlined strategic initiatives aimed at enhancing operational efficiency. These include widening the client network, expanding the product portfolio, and implementing prudent expense management practices.

However, amidst these strategic endeavors, Bakkt faced a concerning warning from the NYSE earlier this month. The exchange cautioned Bakkt about a potential delisting due to its common stock’s average closing price falling below $1.00 per share over a consecutive 30-day trading period. With Bakkt’s stock closing at $0.54 on Monday, as per Google Finance, the company faces a critical challenge in maintaining its listing status.

In response to these challenges, Bakkt underwent a leadership transition, appointing Andy Main as CEO, succeeding Gavin Michael. While Michael will continue to serve as an advisor until March 2025, the change in leadership underscores Bakkt’s commitment to navigating its financial hurdles and charting a path towards sustainable growth.

Bakkt Reports $780 Million Revenue In 2023 Amid $226 Million Net Loss; Forecasts 555% Revenue Growth For 2024 Despite Nyse Delisting Warning

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